Common use of LENDERS’ ACCOUNTING Clause in Contracts

LENDERS’ ACCOUNTING. The Administrative Agent shall maintain a loan account (the "Loan Account") on its books in which shall be recorded (a) the names and addresses and the Commitments of Lenders, and principal amount of Loans owing to each Lender from time to time, and (b) all advances and repayments of principal and payments of accrued interest under the Loans, as well as payments of the Facility Fee, as provided in this Agreement. All entries -------- in the Loan Account shall be made in accordance with the Administrative Agent's customary accounting practices as in effect from time to time. Monthly, or at such other interval as is customary with the Administrative Agent's practice, the Administrative Agent will render a statement of the Loan Account to Borrower. Each such statement shall be deemed final, binding and conclusive upon Borrower in all respects as to all matters reflected therein (absent manifest error), unless Borrower, within thirty (30) days after the date such statement is mailed or otherwise delivered to Borrower, delivers to the Administrative Agent written notice of any objections which Borrower may have to any such statement, or within ten (10) days after discovery by Borrower of an error with respect to which Borrower had no knowledge and which could not have been determined after reasonable inquiry during said 30-day period. In that event, only those items expressly objected to in such notice shall be deemed to be disputed by Borrower. Notwithstanding the foregoing, the Administrative Agent's entries in the Loan Account evidencing Loans and other financial accommodations made from time to time shall be final, binding and conclusive upon Borrower (absent manifest error) as to the existence and amount of the Obligations recorded in the Loan Account.

Appears in 1 contract

Samples: Credit Agreement (Smith Charles E Residential Realty Inc)

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LENDERS’ ACCOUNTING. The Administrative Agent shall maintain a loan account (the "Loan Account") on its books in which shall be recorded (ai) the names and addresses and the Commitments of Lenders, and principal amount of Loans owing to each Lender from time to time, and (bii) all advances and repayments of principal and payments of accrued interest under the Loans, as well as payments of the Unused Facility Fee, as provided in this Agreement, separately identifying Loans and prepayments under the Swing Line. All entries -------- in the Loan Account shall be made in accordance with the Administrative Agent's customary accounting practices as in effect from time to time. Monthly, Monthly or at such other interval as is customary with the Administrative Agent's practice, the Administrative Agent will render a statement of the Loan Account to BorrowerBorrower and will deliver a copy thereof to each Lender. Each such statement shall be deemed final, binding and conclusive upon Borrower in all respects as to all matters reflected therein (absent manifest error), unless Borrower, within thirty (30) days after the date such statement is mailed or otherwise delivered to Borrower, delivers to the Administrative Agent written notice of any objections which Borrower may have to any such statement, or within ten (10) days after discovery by Borrower of an error with respect to which Borrower had no knowledge and which could not have been determined after reasonable inquiry during said 30-day period. In that event, only those items expressly objected to in such notice shall be deemed to be disputed by Borrower. In the event that any such objection cannot be settled by Agent and Borrower within thirty (30) days after Agent receives notice thereof from Borrower, Agent shall notify all Lenders of such objection. Notwithstanding the foregoing, the Administrative Agent's entries in the Loan Account evidencing Loans and other financial accommodations made from time to time shall be final, binding and conclusive upon Borrower (absent manifest error) as to the existence and amount of the Obligations recorded in the Loan Account.

Appears in 1 contract

Samples: Credit Agreement (Pacific Gulf Properties Inc)

LENDERS’ ACCOUNTING. The Administrative Agent shall maintain a loan account (the "Loan Account") on its books in which shall be recorded (a) the names and addresses and the Commitments of Lenders, and principal amount of Loans Line A Advances and Line B Advances owing to each Lender from time to time, and (b) all advances Line A Advances and Line B Advances and repayments of principal and payments of accrued interest under the Loanssuch Advances, as well as payments of the Facility Fee, as provided in fees required to be paid pursuant to this Agreement. All entries -------- in the Loan Account shall be made in accordance with the Administrative Agent's customary accounting practices as in effect from time to time. Monthly, Monthly or at such other interval as is customary with the Administrative Agent's practice, the Administrative Agent will render a statement of the Loan Account to BorrowerBorrower and will deliver a copy thereof to each Lender. Each such statement shall be deemed final, binding and conclusive upon Borrower in all respects as to all matters reflected therein (absent manifest error), unless Borrower, within thirty (30) days after the date such statement is mailed or otherwise delivered to Borrower, delivers to the Administrative Agent written notice of any objections which Borrower may have to any such statement, or within ten (10) days after discovery by Borrower of an error with respect to which Borrower had no knowledge and which could not have been determined after reasonable inquiry during said 30-day period. In that event, only those items expressly objected to in such notice shall be deemed to be disputed by Borrower. In the event that any such objection cannot be settled by Agent and Borrower within thirty (30) days after Agent receives notice thereof from Borrower, Agent shall notify all Lenders of such objection. Notwithstanding the foregoing, the Administrative Agent's entries in the Loan Account evidencing Loans Advances and other financial accommodations made from time to time shall be final, binding and conclusive upon Borrower (absent manifest error) as to the existence and amount of the Obligations recorded in the Loan Account.

Appears in 1 contract

Samples: Credit Agreement (Arden Realty Inc)

LENDERS’ ACCOUNTING. The 2.3.1 Administrative Agent shall maintain a loan account (the "Loan Account") on its books in which shall be recorded (ai) the names and addresses and the Commitments of Lenders and the names and addresses of Designated Bid Lenders, and the principal amount of Loans owing to each Lender and Designated Bid Lender from time to time, and (bii) all advances and repayments of principal and payments of accrued interest under the Loans, as well as payments of the Facility Fee, as provided in this Agreement, separately identifying Loans and prepayments (or repayments, as the case may be) under the Swing Line and under the Bid Loan Facility. All entries -------- in the Loan Account shall be made in accordance with the Administrative Agent's customary accounting practices as in effect from time to time. Monthly, Monthly or at such other interval as is customary with the Administrative Agent's practice, the Administrative Agent will render a statement of the Loan Account to BorrowerBorrower and will deliver a copy thereof to each Lender (for itself and for transmittal to its Designated Bid Lender, if any). Each such statement shall be deemed final, binding and conclusive upon Borrower in all respects as to all matters reflected therein (absent manifest error), unless Borrower, within thirty (30) days after the date such statement is mailed or otherwise delivered to Borrower, delivers to the Administrative Agent written notice of any objections which Borrower may have to any such statement, or within ten (10) days after discovery by Borrower of an error with respect to which Borrower had no knowledge and which could not have been determined after reasonable inquiry during said 30-day period. In that event, only those items expressly objected to in such notice shall be deemed to be disputed by Borrower. In the event that any such objection cannot be settled by Administrative Agent and Borrower within thirty (30) days after Administrative Agent receives notice thereof from Borrower, Administrative Agent shall notify all Lenders of such objection. Notwithstanding the foregoing, the Administrative Agent's entries in the Loan Account evidencing Loans and other financial accommodations made from time to time shall be final, binding and conclusive upon Borrower (absent manifest error) as to the existence and amount of the Obligations recorded in the Loan Account.

Appears in 1 contract

Samples: Credit Agreement (Spieker Properties Inc)

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LENDERS’ ACCOUNTING. The Administrative Agent Lender shall maintain a loan account (hereinafter referred to as the "Loan Account") on its books in which shall be recorded (a) the names and addresses and the Commitments of Lenders, and principal amount of Revolving Credit Loans owing to each the Lender from time to time, and ; (b) all advances other appropriate debits and repayments of principal and payments of accrued interest under the Loans, as well as payments of the Facility Fee, credits as provided in this Loan Agreement, including, without limitation, all interest, fees, expenses, charges and other Obligations; and (c) all payments of Obligations made by the Borrower or for the Borrower's account. All entries -------- in the Loan Account shall be made in accordance with the Administrative AgentLender's customary accounting practices as in effect from time to time. Monthly, or at such other interval as is customary with the Administrative Agent's practice, the Administrative Agent The Lender will render a statement of the Loan Account to upon the request of the Borrower. Each and every such statement shall be deemed final, binding and conclusive upon the Borrower in all respects as to all matters reflected therein (absent manifest error), unless the Borrower, within thirty ten (3010) days after the date such statement is mailed or otherwise delivered to Borrowerrendered, delivers to the Administrative Agent Lender written notice of any objections objection which the Borrower may have to any such statement, or within ten (10) days after discovery by Borrower of an error with respect to which Borrower had no knowledge and which could not have been determined after reasonable inquiry during said 30-day period. In that event, only those items expressly objected to in such notice shall be deemed to be disputed by the Borrower. Notwithstanding the foregoing, the Administrative AgentLender's entries in the Loan Account evidencing Revolving Credit Loans and other financial accommodations made from time to time shall be final, binding and conclusive upon the Borrower (absent manifest error) as to the existence and amount of the Obligations recorded in the Loan Account. The Lender, in its discretion, may charge any or all interest, fees and expenses incurred by the Borrower hereunder to the Loan Account.

Appears in 1 contract

Samples: Credit Loan Agreement (Intelligroup Inc)

LENDERS’ ACCOUNTING. The Administrative Agent shall maintain a loan account (the "Loan Account") on its books in which shall be recorded (a) the names and addresses and the Commitments of Lenders, and principal amount of Loans owing to each Lender from time to time, and (b) all advances and repayments of principal and payments of accrued interest under the Loans, as well as payments of the Unused Facility Fee, as provided in this Agreement. All entries -------- in the Loan Account shall be made in accordance with the Administrative Agent's customary accounting practices as in effect from time to time. Monthly, Monthly or at such other interval as is customary with the Administrative Agent's practice, the Administrative Agent will render a statement of the Loan Account to BorrowerBorrower and will deliver a copy thereof to each Lender. Each such statement shall be deemed final, binding and conclusive upon Borrower in all respects as to all matters reflected therein (absent manifest error), unless Borrower, within thirty (30) days after the date such statement is mailed or otherwise delivered to Borrower, delivers to the Administrative Agent written notice of any objections which Borrower may have to any such statement, or within ten (10) days after discovery by Borrower of an error with respect to which Borrower had no knowledge and which could not have been determined after reasonable inquiry during said 30-day period. In that event, only those items expressly objected to in such notice shall be deemed to be disputed by Borrower. In the event that any such objection cannot be settled by Agent and Borrower within thirty (30) days after Agent receives notice thereof from Borrower, Agent shall notify all Lenders of such objection. Notwithstanding the foregoing, the Administrative Agent's entries in the Loan Account evidencing Loans and other financial accommodations made from time to time shall be final, binding and conclusive upon Borrower (absent manifest error) as to the existence and amount of the Obligations recorded in the Loan Account.

Appears in 1 contract

Samples: Credit Agreement (Prudential Bache Equitec Real Estate Partnership)

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